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Is it true that this is the first time dry bulk carriers have been taken out of the market since the start of the global recession in late 2008
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to work in China is not enough to support the market.
The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions. 2016 has shown no improvements so far and prospects for the rest of the year are not looking promising. With poor earnings across the board the average scrapping age has dropped among all the dry bulk segments.
One year ago the dry bulk orderbook stood at 276 million DWT – today it totals at 277 million DWT. As if the dry bulk orderbook wasn’t large enough back then